Moniepoint CEO Advocates for Credit Layering on Nigeria’s Payment Systems as CBN Launches PSV 2028

As the Central Bank of Nigeria (CBN) officially unveiled its ambitious Nigeria Payments System Vision (PSV) 2028 framework in Abuja, industry stakeholders are shifting their focus from merely facilitating transactions to harnessing payment data to support economic resilience for millions of underserved businesses.

Tosin Eniolorunda, Founder and Group Chief Executive Officer of Moniepoint Inc, highlighted that Nigeria’s next growth phase in payments will involve developing credit products built directly on existing payment infrastructure. He emphasised utilising transaction data to unlock financing opportunities for small businesses traditionally excluded from formal credit markets.

Eniolorunda shared these insights during a panel session at the PSV 2028 launch, describing the event as a reminder of how far Nigeria’s payments ecosystem has advanced—and how much further it can go through deliberate development.

“I believe the next phase of growth will come from layering services like credit onto existing payment flows, using the visibility and trust already built through financial transactions,” he stated.

The PSV 2028 is a framework led by the CBN that sets out strategic priorities for Nigeria’s payments infrastructure, focusing on financial inclusion, resilience, and innovation.

The panel was moderated by Abubakar Suleiman, Chief Executive of Sterling Bank Plc, and included industry leaders such as Premier Oiwoh, Managing Director and CEO of Nigeria Inter-Bank Settlement System (NIBSS) Plc; Deremi Atanda, Managing Director and CEO of Remita Payment Services Limited; and Uche Uzoebo, Managing Director and CEO of Shared Agent Network Expansion Facilities (SANEF) Limited.

Eniolorunda emphasised the critical role of payment infrastructure in enabling broader financial services, noting that responsibly leveraging the data generated can accelerate credit access for underserved sectors.

“One of the most powerful things about payment infrastructure is the data it creates. When used responsibly, it can help unlock quicker and more accessible credit for businesses that have historically been underserved. For many small businesses, access has always been the real barrier,” he said.

He added that CBN Governor Olayemi Cardoso used the PSV 2028 launch to underscore the importance of collaboration and innovation in building an inclusive, growth-supporting payments ecosystem.

“Achieving the ambitions of PSV 2028 will require regulators, banks, fintechs, and ecosystem players working together with a shared long-term vision,” Eniolorunda stressed, echoing Governor Cardoso’s concerns about Nigeria’s cyclical “start-stop” policies.

In his address at the launch, Governor Olayemi Cardoso noted that the new framework builds on Nigeria’s progress in digital payments, aiming to accelerate the nation’s transition to a more inclusive, technology-driven ecosystem that continues to lead Africa’s digital payments landscape.

“Over the past two decades, Nigeria’s payments ecosystem has evolved into one of the most dynamic and innovative in the world. From instant payments and digital adoption to fintech-led innovation, our progress has often set the pace across the continent. While this progress has not always been fully recognised globally, its impact on economic activity, financial inclusion, and system resilience is evident throughout our economy,” he stated.

The CBN governor stressed that financial inclusion must remain central to Nigeria’s economic future, highlighting that millions of Nigerians still remain outside the formal banking system.

“Inclusion and not exclusion must define our future. In 2023, a very large number of Nigerian adults will have access to financial services. Under Vision 2028, I would like to see this reaching 95 per cent inclusion. That means 50 million more market women, farmers, and young people will have a bank account or wallet in their name, with their name and BVN protecting them,” Mr Cardoso declared.

Nigeria has emerged as one of the world’s most active fintech markets over the past decade, driven by mobile money adoption, agent banking expansion, and a surge of venture-backed startups across the financial services sector. The initiative to transform payment data into business capital aligns closely with the core pillars of PSV 2028, which emphasise open banking, infrastructure resilience, and deep economic integration.

Moniepoint, Nigeria’s largest distributor of financial services, initially built its dominance through payment infrastructure and agent banking targeted at small businesses. It has since expanded into business banking and credit, disbursing over 1 trillion naira in 2025 to Nigerian MSMEs.